Cairo – Mubasher: Egypt’s gross domestic product (GDP) at current prices reached EGP 5.3 trillion in fiscal year 2018/2019, rising by 20% from FY17/18, the minister of planning and economic development Hala El-Saeed said.

Investment spending contributed 40% to the GDP growth, 30% to net change in exports, and 20% to consumer expenditures, El-Saeed revealed in a statement on Tuesday.

The economic growth has spurred job creation, cutting unemployment rate to 8%, she pointed out.   

In addition, the private-sector investments hiked by 77% year-on-year to EGP 444 billion at the end of FY18/19 from EGP 250 billion, thanks to the economic reforms implemented by the government.